Amperon says growing wind and solar output reshapes gas and power markets
UNG•Amperon says wind and solar supplied about 18% of U.S. electricity in 2025, while natural gas supplied about 40%. Winter Storm Fern nearly doubled benchmark U.S. gas prices in January 2026, and eastern U.S. peak-hour power prices reached several times usual levels.
1. Gas and power prices
Amperon’s analysis highlights linked gas and electricity price risks, with hedging and forecasting helping businesses manage sudden swings. Natural gas supplied about 40% of U.S. electricity in 2025, keeping wholesale power prices closely tied to gas markets.
2. Weather and renewable output
Wind and solar supplied about 18% of U.S. electricity in 2025, reducing gas demand when output was strong. Winter Storm Fern nearly doubled benchmark U.S. gas prices in January 2026, while eastern U.S. peak-hour power prices reached several times usual levels. Weather-driven demand changes can leave utilities buying unhedged power at peak prices.
